Hub International Ltd. and Western Growers Association Monday said that Hub has acquired the retail insurance brokerage business of Western Growers Insurance Services.
Terms of the transaction were not disclosed.
WGIS provides risk management and insurance products and services to the agribusiness and farm industries, the joint statement said.
The agribusiness insurance broker has 10 offices in California and Arizona and will join Hub Central & Northern California to bolster its agricultural operations.
Jeff Gullickson, president of WGIS, will become head of the Agribusiness practice in the region and will continue to serve in his position as President of WGIS following the transaction, the statement said.
Darren Caesar, CEO of Hub Central & Northern California, said in the statement that California is one of the largest agricultural markets in the country.
Western Growers Insurance Services has more than 40 employees, according to an email from a Hub spokesperson.
Hub is the ninth-largest broker of U.S. business, according to the most recent Business Insurance rankings.
A recent report said the number of broker mergers and acquisitions is down about 10% from last year through the third quarter.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.